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ICICI Pru iProtect Smart vs Canara HSBC iSelect Smart360

OVERALL RATING
How we score
beshak-icon star
3.6
beshak-icon star
4.4
01 Claims Experience
3.7
4.1
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
97.44%
100%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.16%
0.14%
How complex is the Claim Form?
The longer, the more hassles during claims
Very Long
Short
+ Show 8 more
02 Customer Service
4.7
3.9
Response time on Toll-Free BETA
How long does it take for the caller to connect with an customer service agent over toll-free?
Average
Average
Response time on Twitter BETA
How quickly does a user get a response on complaint Tweets?
Average
Average
% of Complaints received for after-sales service
% customers unhappy with after-sales service
0.72%
0.95%
03 product benefits
3.3
4.9
Increasing Cover
Cover starts increasing from
cross red
2nd Year onwards
How much can the cover increase every year?
cross red
5%
Cover can increase up to
cross red
2X of Base Cover
Claim Payout Customization
Options for claim payout
Options available to customize claim payment to your nominee
One time, Installment, One time + Installment options
One time, Instalment, One time + Instalment options
Premium Payment Customizations
Payment modes available to pay the premium
Frequency in which you can pay premium - monthly, yearly installments?
Monthly, Quarterly, Half-Yearly, Yearly
Monthly, Quarterly, Half Yearly, Yearly
Options to pay off premiums before maturity age
Types of Limited pay options available
5, 7, 10, (PT-5), Pay till 60 Years
5, 10, 15, 20, 25, Pay till 60 Years
+ Show 5 more
Notes

1- Beshak Ratings data was last updated in September 2023.

2- All data was sourced from public disclosures (FY 2023-2024, Q1 and FY 2022-23, Q4), insurer websites, and the IRDAI website. Except Claim Amount Settlement Ratio, for which the data was taken from the IRDAI Annual Report 2021-22.

3- Only features that are currently available for purchase online were considered when calculating the Beshak Ratings.

4- In the Premium Ratings, we do not display premium amounts - instead, we show the product's relative pricing compared to the median.

5- Premium for all plans is calculated for the following profile: 30-year-old, non-smoker, married male, for a sum assured of INR 1 Crore, up to the age of 65 years, paying annual premiums, till the end of the policy. Except for these plans:

  ・Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c - Premium is calculated for a 30-year-old, non-smoker, married male, having Type 2 diabetes, with HbA1c level between 6.5 to 7, for a sum assured of INR 1 Crore, up to the age of 55 years, paying annual premiums for 25 years. 

  ・IndiaFirstLife Guaranteed Protection Plus Plan - Premium is calculated for a 30-year-old, non-smoker, married male, for a sum assured of INR 1 Crore, up to the age of 75 years, paying annual premiums for 40 years. 

  ・TATA AIA Maha Raksha Supreme - Premium is calculated for a 30-year-old, non-smoker, married male, for a sum assured of INR 2 Crore, up to the age of 65 years, paying annual premiums, till the end of the policy. 

6- The overall ratings do not include the premium rating. This is because we believe that the affordability of premiums is a personal thing. Something that seems unaffordable or expensive to one person could seem cheap and affordable to another, regardless of their income. We leave it up to our users to decide whether the price they pay seems reasonable for the features they receive.

7- The Response time on Twitter (Beta) was calculated using a sample set of tweets from February to August 2023 - (Analyzed in September 2023).

8- Claims Experience was assessed based on an audit of various processes and facilities offered by the insurers, during claim settlement.

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Compare ICICI Pru iProtect Smart and Canara HSBC iSelect Smart360

Claims Track Record:

ICICI Pru iProtect Smart

ICICI Prudential Life Insurance Company Limited has a claim settlement ratio of 95.28% and they have successfully settled 97.44% of claims in less than 30 days. Their claim amount settlement ratio is 95.49%. And, while they do not offer the benefit of a personal manager, they do provide online tracking of claims. They also have a dedicated toll-number claims service. But, their claim form is very long, and they do not offer a home pick-up service. And, they have received a higher number of claim settlement complaints.

Canara HSBC iSelect Smart360

Canara HSBC OBC Company has settled 100% of their claims in less than 30 days. It is estimated that Canara HSBC OBC Company’s claim settlement ratio is 99.01%, while their claim amount settlement ratio is 96.42%. Additionally, they have an online tracking system for claims, a personal relationship manager for claims, a dedicated toll-free claims service, and a short claim form. On the flip side, they don't offer home pick-up of claims. And, they also have a higher number of claim-related complaints compared to other insurers.


 

Service Experience:

ICICI Pru iProtect Smart

ICICI Prudential Life Insurance Company Limited offers customer service through their toll-free number and Twitter. However, the response rate for Twitter and the toll-free number is average compared to other insurers. This raises concerns about the quality of support you and your family may receive from their service team throughout your journey.

Canara HSBC iSelect Smart360

Customers can reach Canara HSBC OBC Company via their toll-free telephone number and Twitter. Based on our research, we found that their Twitter response rate and toll-free service was average, compared to other insurers. This means you or your family are unlikely to get a quick response if you raise any questions or concerns on Twitter.

Product Benefits:

ICICI Pru iProtect Smart

The ICICI Pru iProtect Smart Insurance Plan is competitively priced and offers a range of customizable options. However, it does not provide the choice to increase coverage with the increasing cover option. The ICICI Pru iProtect Smart Term Plan offers flexible coverage options with a life cover duration that can extend up to 99 years. It also features Limited Pay options such as 5, 7, 10, (PT-5), and Pay till 60 years, and multiple claim payout options, including one-time lump-sum, lump-sum with monthly income, and monthly income options. You can pay the premiums monthly, quarterly, half-yearly, or yearly. Riders available with ICICI Pru iProtect Smart Term Plan include a Comprehensive Critical Illness Rider, an Accidental Death Benefit Rider, and a Waiver of Premium Rider due to Accidental Disability.

Canara HSBC iSelect Smart360

A variety of customization options are available with Canara HSBC iSelect Smart 360 Plan. It offers you an increasing cover option in which your coverage by 5% every year until your base policy cover doubles. It is important to note that coverage increases from the second year onwards. Canara HSBC iSelect Smart 360 Plan offers a life cover up to the age of 99 with several limited payment options for 5, 10, 15, 20, 25, pay till 60 years with premiums payable on a monthly, quarterly, half-yearly, or annual basis. Claim payout options include a one-time lump sum option, monthly instalment option, and a combination of both. Canara HSBC iSelect Smart 360 Plan offers a Critical Illness Rider, Waiver of Premium Rider for Critical Illness Rider, Waiver of Premium for Accidental Disability Rider, and an Accidental Death Benefit Rider.

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